This so called CMIM " is not supposed " to include the
DEVELOPED ECONOMIES especially JAPAN and SOUTH KOREA which are
close U.S. ALLIES... CHINA nad HONG KONG are under the COMMUNIST
PARTY OF CHINA according to the PRC Constitution . The ASEAN or
South east Asian countries -bloc cannot have economic cooperation
with non-U.S. allies.
" the U.S. cannot have trade relations with the Communist Party of
China especially Hong Kong because it already gave too much REWARD
to Beijing despite HUMAN RIGTS ABUSES committed by the Communist
government. "
Japan and South Korea shouldn't be trading with China only with the
ASEAN country-bloc excluding_____Hong Kong and Taiwan, which are
already considered part of the Communist China
rule.
SEOUL, SOUTH KOREA: East and South-east Asian economies
yesterday said they will launch a US$120 billion (S$168 billion)
emergency fund in March, the first such alliance in the region, to
shield themselves from a financial crisis.
Under the scheme, known as the Chiang Mai Initiative
Multilateralisation (CMIM), Japan, China, South Korea, Hong Kong
and the 10 members of the Association of South-east Asian Nations
(Asean) can swap their own currencies into United States dollars in
case of a liquidity crunch.
'The core objectives of the CMIM are to address balance of payment
and short-term liquidity difficulties in the region and to
supplement the existing international financial arrangements,' a
joint statement said.
The four non-Asean members committed the bulk of money to the fund,
to be launched on March 24. The move comes as Asian economies lead
the world out of the worst economic downturn in decades and amid
increasing calls for global economic diplomacy.